BEYOND association, led by V3 Group and EZ link, announced that it has placed a bid for a full digital baking license, according to a press statement on January 5, 2020.
The organisation is a recent addition to corporates such as Grab, Razer, and Jack Ma’s Ant Financial, who are among the top contenders for the license.
The association includes members from a diverse range of industries including real estate, construction, mass transport, insurance and retail.
The strategic alliance joined by MSIG insurance, Singapore Business Federation (SBF), Heliconia and Far East Organisation, could also potentially boost the chances of the group forming a strong pool of contacts.
“Our proposal represents the combined strengths of some of Singapore’s most established companies and their reach to SMEs and their workforce,” said Gan Chee Yen, the chairman-designate of BEYOND.
“Together with my fellow incoming board members who have in-depth experience in risk management and digital banking operations in the UK and North Asia, we have developed a suite of innovative products and services that cater to the needs of the silver generation and SMEs operating in different industries,” he continued.
Also Read: Consumer insights provider Populix raises US$1M to expand its footprint beyond Indonesia
Leveraging on the core strengths of EZ-Link, which has a customer base of five million active cardholders and MSIG, an insuring company, which will be developing a range of insurance solutions; the organisation aims to empower 70 per cent of the city-state’s SME ecosystem with digital banking.
“Pure digital banking is the future, and we aim to embrace it together with the rest of Singapore’s promising fintech community. We also cannot be solely focused on catering to the digital natives,”
“The vast majority of people in Singapore are part of the SME ecosystem, and we want to help them and their families. The benefits of the digital bank must be inclusive, and our approach has to be fair and equitable in encouraging everyone to progress together,” asserted Ron Sim, founder of V3 Group.
The Monetary Authority of Singapore is expected to announce the results for the applications by mid-2020 according to Business Times, keeping investors and companies in their tiptoes until then.
—
Image Credit: BEYOND
The post V3, EZ-Link-led consortium, BEYOND joins Singapore’s digital banking license race appeared first on e27.